ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL - 08/09/2011 EVENING EDITION
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The Federal Reserve painted a much gloomier picture of the economy Tuesday, and indicated it would keep cash cheap and easy for at least two more years.
ACTIVE REAL ESTATE FORECLOSURES FOR SALE
Following its fifth policymaking meeting of the year, the central bank also surprised Wall Street with several dramatic changes to its official statement.
ACTIVE REAL ESTATE FORECLOSURES FOR SALE
Among those surprises were dissension among the ranks of the central bank, a "considerably slower" reading on the economy, and a bold statement that the Fed stands ready to enact further stimulus measures if needed.
Interest rates: The Fed indicated it plans to keep "exceptionally low" interest rates in place until at least mid-2013 as a way to continue to prop up the recovery.
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The federal funds rate is the central bank's key tool to spur the economy and a low rate is thought to encourage spending by making it cheaper to borrow money.
ACTIVE REAL ESTATE FORECLOSURES FOR SALE
The Fed has kept the rate near zero since 2008, but has long been ambiguous on its future timeframe, saying it would keep the federal funds rate near zero for an "extended period."
ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN YOUR AREA
The new two-year time horizon was an unusual move because the Fed doesn't typically signal its policies that far in advance, and because it was interpreted as an admission that the economy will remain weak until then.
ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN YOUR AREA
Aside from some other gloomier language about the U.S. recovery, the Federal Reserve did little else in response to heightened fears about a global economic slowdown.
"This was a very conservative statement," Cooper said. "Basically, they did the least they could do, short of doing absolutely nothing."
ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL - 08/09/2011 EVENING EDITION
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